Motherson Sumi fourth quarter net profit rises 22 percent, beats estimates

NEW DELHI (Reuters) - Motherson Sumi Systems Ltd , India's biggest auto parts maker, on Tuesday reported a forecast-beating 22 percent rise in fourth-quarter net profit, helped by higher sales.

Shares of Motherson soared more than 8 percent after the company said consolidated net profit rose to 4.14 billion rupees ($62.1 million) from 3.4 billion rupees a year earlier and revenue rose 8 percent to 100.7 billion rupees.

Analysts, on average, expected the company to post a net profit of 3.48 billion rupees, Thomson Reuters data showed.

Motherson Sumi, that makes wiring harnesses, rear view mirrors and components like bumpers and dashboards, is valued by the market at $5 billion.

 

($1 = 66.7150 Indian rupees)

(Reporting by Aditi Shah, additional reporting by Abhirup Roy in Mumbai; Editing by Subhranshu Sahu)